November 28, 2017 / 6:34 PM / in a year

NY fines two Lloyd's underwriters, others for unlicensed insurance program

(Reuters) - Two Lloyd’s of London Ltd underwriters and a credit union for United Nations employees are among the entities that have agreed to pay a total of $1.47 million for their roles in an unlicensed life insurance program, New York’s insurance regulator said on Tuesday.

The New York State Department of Financial Services reached a settlement with Lloyd’s underwriters Tokio Marine Kiln Syndicates and Beazley Furlonge Ltd brokerage Clements & Co and the United Nations Federal Credit Union, the regulator said. More than 4,300 policies were sold, the regulator said.

Reporting by Suzanne BarlynEditing by Jonathan Oatis

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